stan jonathan miller said great manager should make -- stan druckenmiller said great managers should make a that and stick with it. if you are going to hedge, why should you get 2 and 20. people, he has done some interesting things. he is one of the best investors in the world. when you talk about investing with someone -- your investors have to know you are willing to do these things and what your risk parameters are. as long as they're comfortable comparable with those beforehand, you're able to make these larger investments when the time comes. are thethat those investors that differentiate themselves over time from those that are not willing to do things like that. >> within equities, are there sectors you are afraid of? >> there are sectors that are on investable. -- uninvestible. outside of pure financial reasons, we do not have any expertise in many areas. we have a deep expertise in others. drobny.bass and steve kyle knows about tapering, it isnot effecting the way he investing. the difference between long-term investors and traders. people in and out of the markets arevery c